Saving plans, RI,Reservations

Savings plans are pricing models that offer discounts in exchange for commitment. With savings plans, you commit to a specific amount of spending per hour for terms of 1 or 3 years, and get discounts of up to 72% in return. I uploaded a screenshot of a saving plan that I created for an EC2 instance. On this picture you can see that I am saving 62% over the on demand rate